In a recent cheepChangpeng Zhao (CZ), the CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, shared his thoughts on building strong teams and the role of external pressure in the company’s success.

CZ began his tweet by answering a frequently asked question about the best way to build strong, compact teams. He revealed that the secret is not found in team building dinners, outings, coaching exercises, mentoring or inspirational speeches. While these items can be beneficial, their effects tend to wear off over time. Instead, he pointed out that the key to building a strong team is outside pressure.

Using an analogy, CZ suggested that if aliens were to visit Earth, existing problems between countries like the US and China would instantly disappear, highlighting the unifying effect of external pressure. He also referenced the movie Blackhawk Down, where a soldier explains that the bond between soldiers is not about glory or heroism, but about the men who stand beside him.

CZ clarified that he does not advocate life-threatening pressure, but believes that facing challenges together is the best way to build compact teams. This approach builds trust, partnership, resilience, and most importantly, trust among team members.

This, according to the Binance CEO, is one of the main causes of the company’s strong team dynamics. FUD (Fear, Uncertainty and Doubt) has kept the corporation in the trenches of each other as it has constantly faced outside pressures.

CZ concluded his tweet by noting that while pressure creates tight teams internally, he also focuses on collaboration and cooperation that builds trust externally. This insight into Binance’s team building strategy provides a unique perspective on the company’s success and its approach to overcoming challenges.

Recent regulatory and legal pressures from Binance and CZ

This perspective is particularly relevant given the recent challenges Binance has faced.

On June 5, 2023, the Securities and Exchange Commission charged Binance Holdings Ltd., its US subsidiary BAM Trading Services Inc., and CZ with a variety of securities law violations.

A month later, on July 5, the country’s financial markets regulator registered Binance’s offices in Australia.

The following day, Binance Chief Strategy Officer Patrick Hillmann confirmed his departure from the crypto exchange, amid reports that other top compliance executives in the United States, including general counsel Han Ng and SVP of compliance Steven Christie They had also resigned.